Recession: Exit can take months to impact on citizens - Economist

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Nigeria out of recession

Nigeria out of recession

A Minna based economist, Mr Kolo Paul, says Tuesday’s report of Nigeria exiting recession can take several months before its impact is felt by the ordinary citizens.

Paul told the News Agency of Nigeria (NAN) in Minna on Wednesday that Nigerians were still enduring the harsh realities of the economic downturn.

According to him, the news of the exit will remain mere statistical report until Nigerians begin to experience turn around in their living conditions.

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“Well, until these figures translate into better living conditions for the ordinary Nigerian, it means nothing has changed.

“I think it will take some time before people begin to feel the impact of this new development in their daily activities.

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“I am confident that things will be back to normal and Nigerians will have cause to smile again,” he said.

The economist advised government at all levels to work to ensure that the country did not slip into recession again.

NAN reports that the National Bureau of Statistics (NBS) on Tuesday reported that Nigerian economy was now out of recession with a growth rate of 0.55 per cent recorded in the second quarter of 2017.

The data showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.